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TERRAMIN: STRATEGIC ACQUISITION MORE THAN BIRD IN THE HAND

Adelaide, Jan 10

Terramin Australia has done a 2%-3% NSR royalty deal with privateer Kitticooler Holdings P/L to acquire 100% of Private Mine No 53 (PM 53) and the historic Kitticooler mine, about 60km by road from Terramin’s Angas Processing Facility and about 20km NE of its advanced 252,000oz Bird-in-Hand gold project in South Australia.The Kitticoola copper-gold mine has operated intermittently between 1846 and 1971, but has had only limited modern exploration. PM53 is fairly unique in that it remains an approved mine, subject to the grant of updated environment approvals.An Oct 2018 Bird in-Hand scoping study has flagged a $A66M capex, high-grade underground 150,000tpa operation producing an annual 47,000oz gold and 22,000oz silver over an initial 5-year LoM.